just got a new car - used 2010 ford from a dealer my credit is new - only one year but its in great condition around 720 i have AMEX discover and Chase Credit Cards this is my first auto loan
loan 10500 down paymnet was 2500 payments 250 60 months %14 interest ...
just looked at the loan papers - nothing about fine for refinancing - the dealer said there is a fine for the first year - might be bs ...
is it possible ? in ca ?
where is the best place to start with refinancing in my situation ? whats the best rate i can get ?
btw - before buying the car - my bank rejected my 10000 loan - reason - self employed less then 3 years ...
14% on an auto loan? ouch! No one can tell you what rate you can get as it depends on your credit score among other factors. Lots of places you can refinance, start with PenFed or Navy Fed if you are eligible member. And I don't know what the dealer means when they said there is a "fine" the first year, I never heard of such a thing before when it comes to getting an auto loan.
kaveh2k said: 14% on an auto loan? ouch! No one can tell you what rate you can get as it depends on your credit score among other factors. Lots of places you can refinance, start with PenFed or Navy Fed if you are eligible member. And I don't know what the dealer means when they said there is a "fine" the first year, I never heard of such a thing before when it comes to getting an auto loan.
Maybe he meant there is a prepayment penalty? I would look through your loan documents for that. When you refinance, you pay off your first lender in full, so if there is a prepayment penalty, that would kick in.
PenFed is offering fantastic refinancing rates right now- 1.99% for certain loans. Consumers Credit Union was offering 2.49% last time I looked.
With only 1 year of credit history and a 720 score, I have my doubts you can get a refi with Penfed but it's worth a shot I guess. Maybe you should try a refi with a local credit union. They are also offering some good rates although not as good as Penfed.
yes - prepayment penalty - is that legal in ca ? sadly i was denied ... penfed , but i will take today refinance with %4-%5 , much better then 14 with one year credit history and 720 - weres a good place to start ?
kpro said: yes - prepayment penalty - is that legal in ca ? sadly i was denied ... penfed , but i will take today refinance with %4-%5 , much better then 14 with one year credit history and 720 - weres a good place to start ? Walk into some local credit unions
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